We consider the noncommutative Abelian-Higgs theory and investigate general
static vortex configurations including recently found exact multivortex so
lutions. In particular, we prove that the self-dual Bogomol'nyi-Prasad-Somm
erfield (BPS) solutions cease to exist once the noncommutativity scale exce
eds a critical value. We then study the fluctuation spectra about the stati
c configuration and show that the exact non-BPS solutions are unstable belo
w the critical value. We have identified the tachyonic degrees as well as m
assless moduli degrees. We then discuss the physical meaning of the moduli
degrees and construct exact time-dependent vortex configurations where each
vortex moves independently. We finally give the moduli description of the
vortices and show that the matrix nature of moduli coordinates naturally em
erges.